Daily SPAC Update – October 22, 2024

by | Oct 22, 2024

Vision Sensing (VSAC) to Liquidate as Aldel Financial II IPOs for $200M. IRRX and CCTS Set Extension Votes. PORT Cancels its Vote.

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Daily SPAC Update

SPAC DEAL & EXTENSION VOTES SET
IRRX – Integrated Rail & Resources Acquisition Corp * EXTENSION VOTE SET: Nov 12, 2024
CCTS – Cactus Acquisition Corp 1 Ltd * EXTENSION VOTE SET: Nov 01, 2024 * trust $11.64

NEW SPAC IPOs
Oct 22: ALDF – Aldel Financial Ii Inc. $200M IPO

About Aldel Finanical II (ALDF): ALDF ntends to target businesses with a market capitalization between $1 billion and $5 billion. It may pursue initial business combination targets in any industry or at any stage of corporate evolution, but its primary focus is on established businesses of scale that are poised for continued growth and led by highly regarded management teams. The sponsor believes that the extensive experience and track record of its management team in identifying attractive risk-adjusted return investments, particularly in times of market disruption. The management team has a broad network of contacts and relationships with various stakeholders, including private companies, investment bankers, and private equity investors, which enhances their ability to source and evaluate potential merger opportunities. Additionally, their expertise in banking, financial services, and investment management provides a competitive advantage in executing business combinations and creating long-term value for shareholders.

SPAC LIQUIDATIONS
VISION SENSING ACQUISITION CORP. (VSAC)-> Liquidation on Oct 21
Global Technology Acquisition Corp. I (GTAC)-> Liquidation on Oct 18

OTHER SPAC NEWS
IVCA – INVESTCORP INDIA ACQUISITION CORP * Merger Agreement
SPKL – SPARK I ACQUISITION CORP * Non-Binding LOI
PORT – SOUTHPORT ACQUISITION CORP * Vote Cancelled

SPAC DEALS ANNOUNCED
Oct 21 | IVCA – Investcorp India Acquisition Corp * + Bigtincan Holdings Limited

Investcorp AI Acquisition Corp. (IAAC) has agreed to merge with Bigtincan Holdings Limited, an Australian software company. Key deal points include:

  • Bigtincan is valued at $275 million pre-merger.
  • Investcorp will invest $12.5 million, with an additional $25 million to be raised via a PIPE deal.
  • A partial cash election allows Bigtincan shareholders to receive cash for their shares at $0.16145 per share.
  • Post-merger, Bigtincan shareholders will own up to 75% of the new company.
  • The transaction is subject to regulatory approvals and shareholder votes.

The dealmakers believe this positions Bigtincan as a global leader in AI-powered sales enablement, leveraging Investcorp’s resources.

YESTERDAY’S TOP SPAC GAINERS
10.92% ~ $ 13.00 | PWUP – PowerUp Acquisition Corp. (Announced)
7.50% ~ $ 9.78 | FIAC – Focus Impact Acquisition Corp. (Announced)
1.90% ~ $ 11.26 | MCAG – Mountain Crest Acquisition Corp. V (Announced)
1.59% ~ $ 11.51 | BRAC – Broad Capital Acquisition Corp (Announced)

YESTERDAY’S TOP SPAC LOSERS
-5.21% ~ $ 10.00 | BHAC – Focus Impact BH3 Acquisition Company (Announced)
-1.75% ~ $ 10.67 | HYAC – Haymaker Acquisition Corp. 4 (Pre-Deal)
-1.22% ~ $ 10.56 | BAYA – Bayview Acquisition Corp (Announced)
-.94% ~ $ 11.64 | WINV – WinVest Acquisition Corp. (Announced)
-.90% ~ $ 10.51 | AFJK – Aimei Health Technology Co., Ltd. (Announced)

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